Fight for Control
Of Pierce Oil Seen
In Proxy Requests
2 Groups Appeal to Shar-e
holders; Judge Parker,
H. L?, Dohcrty ou Board
Choseu by One Faction
A bitter fight for control of the
Pierce Oil Corporation is forecast in
culls for proxies being sent to share?
holders by two important groaps of
Wall Street financial interests. That
the contest is already under way was
indicated by the action of the pre?
ferred share8 In yesterday's stock mar?
ket, when the price jumped 12% point?.
One of the groups, which would re?
tain the present management, has al?
ready injected new interests into the
company by the election of a complete
board of directors, prominent among
which are Judge Alton B. Parker and
Henry L. Doherty, president of the Cit?
ies Service Company. Judge Parker, in a
letter to stockholders, asks for their
indorsement of the ticket at a meeting
expected to be held early in November.
On the other side are aligned tho
banking firma of Lehman Bros., Gold?
man. Sachs & Co. and the Chase Se?
curities Co. These interests have or?
ganized a committee, representing 40,
000 shares of the 150,000 shares of pre?
ferred stock outstanding, and have
elected Herbert H. Lehman as their
chairman. The other members of the
so-called independent committee are
Waddiil Catching?, Morits Rosenthal;
Ambrose Tighe, E. R. Tinker and Al
vin Untcrmycr.
This committee, ?n a formal state?
ment, said that the affairs of the Pierce
Oil Corporation are such as to make
it essential that control should be
vested as soon as possible in a board
of directors and managers elected by
and in the interests of all the pre?
ferred stockholders. It is understood
to be the purpose of the committee to
elect eleven new directors.
Voting power in the preferred stock
Is made possible because of the omis?
sion of four quarterly dividend pay?
ments.
Judge Parker, who is an owner of
preferred shares, eaid in his com?
munication to the shareholders that
Mr. Doherty had agreed to provide
the Pierce Oil Corporation with suffic?
ient banking credit to "enable it to
function without embarrassment and
for such crude oil supplies and other
raw or semi-raw products as it might
require in the normally large opera?
tion of its business."
The board of directors selected by
this group consists of Henry W. Ander?
son, Mr. Dohcrty, Warren \V. Foster.
A. B. Leach, Judge Porker, H. Clay
Pierce, Ciar Arthur Pierce, Henry 8.
Priest. Eben Richards, E. W. Rollins
and Charle? S. Thomas.
"I believe that the affairs of this
corporation are in such shape," said
Judge Parker, "that under able guid?
ance of the board of directors, which
has just been installed pursuant to
our request, coupled with the financial
and business support of Mr. Henry L.
Doherty and his large interests, suc?
cess such as this large and valuable
corporation warrants will result."
The new board of directors at a
meeting yesterday elected tho follow?
ing committees and officials: Chair?
man of the board, H. Clay Pierce;
members of the executive committee,
Henry L. Doherty, Alton B. Parker,
Clay Arthur Pierce; members of the
finance committee, E. W. Rollins, A.
B. Leach, Henry L. Doherty, Eben
Richards; corporate officers. Clay
Arthur Pierce, president; Eben Rich?
ards, vice president; C. Walter Ran?
dall, vice president and secretary;
Harold S. Swan, treasurer; R. R. Wa
terbury. assistant treasurer; J. L.
Spear, controller,' and Judge" Parker,
general counsel.
? ??>????
Mellor Heads Wella-Fargo
Welb-Fargo Company directors yes?
terday elected D. G. Mellor president
and W. Ba Fletcher secretary and trea?
surer to suceed Mr. Mellor. Until the
death of Burns Caldwell, Mr. Mellor
was secretary and treasurer, as well
as vice-president. Mr. Fletcher was
formerly general accountant. Presi?
dent Mellor denied that the special
meeting had been called to consider
liquidation, or any other matter except
that of election of officers.
Bank of England Statement
LONDON, Oct. G.?The weekly state?
ment of the Bank of England shows
the following changes:
Gold .?127.422.000 Dee. ?9.364
ReKi-rve . 22,073.000 Dec. 742.000
Notes res_ 20.986.000 Dec. 731.000
Circulation .. 123.3310.000 Inc. 733.000
Public dep... 16.698,000 Dec. 134,000
Other dep... 122,646.000 Inc. 18,336.000
Gov. secttr... 60,766.?00 Inc. .16,294.90?
Other secur.. 73,690,000 Inc. 2,203,000
Tha proportion pf. the. bank's reserve
to liability this week is 16.33 per cent;
last week it was 19.40. Rate of dis?
count, 8 per cent.
Bank of France Statement
PARIS, October 5.?The weekly state?
ment of the Bank of France shows the
following changes, in francs:
Gold In hand.Inc. 156.000
Silver In hand.Inc. 273.000
Notes In circulation.Inc. 911.691,000
Treasury deposits.Dec. 2.601,000
Genera!, deposits.Inc. 162,353,000
Bills discounted.Inc. 728,478,000
Fresh advances to the state amounted
to 600,000,000 francs.
Federal Reserve Banks
WASHINGTON, Oct. 5.?The condition of the twelve Federal Reserve
banks at the close of business October 4 was as follows:
RESOURCES
Sept. 27 Oct. 6, 1921
Gold and gold certificates. $270.1RS.000 $272,000,000 $-54S.-I72.00 0
Gold settlement fund?F. R. Board. 568,241,000 592,494,000 415,175,000
Total ?old held by banks. t838.399.000 ?864.494.000 $863,(147,000
Gold with Federal Reserve agents. 2,194,932,000 2,lfi0,522,000 1,756,682,000
Geld redemption fund. 55,949,000 51,927,000 112,370,000
Toial gold reserves. $3,089,280,000 $3,076,943,000 $2,732,599,000
Legal tender notes, silver, etc. 123,72$,000 126,184,000 160,343,000
Total reserves. $3,213,005,000 $3,203,127,000 $2,882,942,000
Bills discounted:
Secured by U. 8. Govt. obligations. 156.338.000 139,102,000 496,866,000
All other . 277.878.000 281,078.000 002.266,000
Dills bought in open market. 235,458.000 238,116,000 42.070,000
Total bills on hand. $669,664,000 $668,296,000 $1,440,191,000
T. 8. bonds and notes. 253,042.000 229,158,000 35,433,000
U. 8. certificates of indebtedness:
One-year ctfs. (Plttman act). 48,000,000 50,600,000 167,375,000
All other . 182,298.000 171.788,000 19,064,000
Municipal warrants. 15,000 15,000 ?
Total earning assets. $1,153,010 000 $1,109,757,000 $1,662,053,000
Hank premlsea . 44,522,000 44,473,000 23,501.000
6% redemption fund against F. R. Bank
notes. 3 852,000 3.937,000 8.842.000
T.'ncollocted Items . 633,701,000 593,933,000 668,305,0,00
All other resources. 14,604,000 16,076,000 15.906,000
Total resources. $6,000,694,000 $4,970,261,000 $5,157,349,000
LIABILITIES
Capital paid In. $106,220,000 $106,172,000 $303,046 000
.Surplus . 216,398,000 215.398,000 $213,824^000
Deposits:
Government . 14,901,000 19,946,000 69 004 000
Meml???r banks?Reserve account. 1,842,508,000 1,797,975.000 1613 14n'ooo
All otilar . 20,288,000 22,213,000 24;i79,'000
Tot??' deposit? . $3,877,697,000 $3,840,333.000 $3,696,332 000
V.T.. :? _ n actual circulation. 2,274,651,000 2,243,384,000 2,482 313'noo
F. B ) not?*? In circulation?net 11a- ' '
billti-??. 44,726,000 46,065.000 99.602 000
Deferred availability Items. 618,334,000 495.471,000 488 74l'onn
All oUn.r liabilities. 23.668,000 23,638,000 73,'4SL00O
Tota3 31abllitles . $6,060,694.000 $4,970,261,000 $5,157 349 000
Ratio of total reserves to deposit and "";"
78.4% 69.0%
F. R. note liabilities combined. 77.*%
Federal Reserve Bank of New York I
RESOURCES
Gold and rold certificates.
Gold settlement fund?F. R. Boa
Total gol<< held by bank....
Gold with Federal Reservo ?a?nt.
Gold redemption fund.
Total gold reserves.
Legal tender notes, silver, etc.
Mll/dtacUSEd.!" . $1.065,262,788 $1.094.930.000 $1.042,050,0^
Secured by 13. S. Govt. obligations:
vll oX'^R.-banKs:::::::::::::: ^J?^l *"*<>?<?>* ?.?o.ooo
All other: ' 19.618.000
For members. Bl 947 a?n ?1 ,.. ...
Bills bought in ?pen market. gjjjjjj gjfcgj l%}\*'?
U. S. certificates of indebtedness: '?.???.?SO 66,549,000 2,527,000
SrSS ^t..^-""...:.:.::: 11-3??SS2 i-M?t?. ?w
?
$1,606,516,000 $1,563,206,000
Total earning assets. $301.845.0S{
Bank premises . 9,646,09!
6% redemption fund against F. R. Bank
not??a . 674,06(
Vncollected Items . 145.639.35r
All other resources. 2.147?69?
Total resources. $1.626,114,98.
LIABILITIES
Capital paid In.
Surplus.
Deposita:
Government .
Member banks?Reserve account.
All other .
Total .
F. R. noten In actual clj-pulatlon.
F. R. Bank notes In circulation?net lia?
bilities .
Deferred availability Items.
Ail ot'.?.er liabilities.,.
Total liabilities . $3,626,114,98.
?0 of total reserves to deposit and
F. R. noie liabilities combined. 80 2% *?? ?r -? ?_
Contingent liability on bills purchased "'?'? 80.0%
for foreign correspondents. $14,849,975 $10,084 569 113 IS* ft*?
90-day commercial rate. <?i "'""'"" *iz,izz,03!
-J
Standing of Reserve Banks
FOR THIS WEEK ENDED OCTOBER 4
Ratio rs- _
serves to -Rediscounts- F R ^Z^t
notes and Gold U.S. Commercial notes".n ^SS??
Pank. deposits reserves. paper. paper cirr 1,1 ?.??., re*-?vs
B?"?v ' ;. *M &??*&?? ??."MOO ?1?77?.000 $2 s?^Oo" tmT?
New York. 80.2 1,030.722,000 36 529 000 ?1 i>4K oon a ??? ??? *????.???,000
Philadelphia . M.^JlTsftwO ?F??I.'?w joiS?S.SSS Illis'loS nl'jIieSI
Cleveland . 72.7 266,268.000 3 4.694,000 3 3,697 000 I 933 000 llsiaMSS
Richmond . HI 105.685.000 14.034.000 M 7? 000 llll'otl i?lls?ln
At anta . 78.9 131.807.000 4,306,000 22,800.000 2 ?oliooo al'S?'SoS
Chicago. 86.3 6^,874,000 ?5.?l?.000 43.399.000 ? 33 000 268S3''ooS
.St. Louis. 67.1 P3.1S3.000 7,498.000 ]9.1E|S.000 S 4SI 000 m'StT?sS
Minneapolis . 68.9 70,655.000 3.963,000 22,570,000 2 m 000 ?fiMS
Kansas City.64.4 91,993.000 2,139.000 20 028 000 6 237000 Sl'334'000
Dallas . ?S-2 S?.609.000 1.813.VO0 24.222.000 26 743 000 M4&0O0
?an Francisco.... 68.7 242.849.000 13,653.COO 28,897.000 StfMl-?M 130 641000
FOR THE WEEK ENDED SEPT. 27
Boston ... ?1.9 $252,042,000 $S,526t000 $16,934,000 $393,427.000 81 ?2 ?it ftfta
N?w Ycrk. ?3.7 1.0S6.5S6.?0O 24.750,000 23.8S6.000 604 48 000 69? l?!tU
Ph!!?<!-lvhia .... 7S.2 20?.64?,000 28.928,000 10,486,000 184.211 000 10900*7 0M
Cleveland . 71.9 2?0.063.O0O 20.233.000 12.386.000 238 691 Oto 152 620 000
ri.flimoatJ . ?S.7 304,:;26.000 12.403.000 27,290.000 88,606,000 67 394 000
Ail?ni?t . 79.9 328.289,?103 2,753.000 31,685,000 118,226,000 ? Til Bfta
f'n'.rAtc . 87.7 t?2,2t;0.009 17.S?9.O00 40,286.000 383.083,000 255527000
hi. l,'-?.?ls. ?3.1 79,51!.,0(.'> 7.142,000 18.359.000 78,952.000 69084000
M.nn.apo.1?. it.9 64,662,000 2.049.000 24.H2.000 ?2,7*2 000 ?s'aiooim
Kai.sas City. Cr..g IS.464.000 3,154,000 39,205,000 63,902,000 78148 000
->- '>?**. ?7.6 66.C9-I.C0O 3.661.000 28.483.000 41,284.000 49'437'eoo
?an Fraii.-:*<-o-67.4 237.479,0 J 9,774,000 30,357.000 219,861,000 130-8<7"ooo
Reserve Bank Member
Borrowings Again Rise
The weekly statement of condition
yesterday of the Federal Reserve banks
revealed further increases in borrow?
ings by member banks to meet the grow
ing seasonal requirements for credits.
The expansion took place in the matter
of discounting bills secured by United
States government obligations, the
holding of which by member banks in?
creased enormously this year. For tho
system as a whole the changes were
slight. The ratio of reserves declined
in a week from 78.4 per cent to 77.4
per cent.
A flow of funds to the interior, how?
ever, made larger changes in the con?
dition of the Federal Rcsei-vi* Bank, of
New York, which lost some $22,000,000
in gold through the settlement fund.
This loss, together with a gain of $12,
000,000 in the discounting of bills se?
cured by United States government
obligations, resulted in a decline of
the ratio of reserves from 83.7 per
cent" to 80.2 per cent.
a
Day's Neto] Issues
Dillon, Read & Co. are offering a
$12,500,000 issye of Milwaukee Electric
Railway and Light Company 5 per .cent
refunding and first mortgage gold
bonds, Series 3, due June I, 1961, at
921?4, to yield about 5M per cent. They
are redeemable, as a whole or in part,
by lot on any interest date to ana in?
cluding: June 1, 1923, at 105 and inter?
est, with the redemption price reduced
one-quarter of 1 per cent during- each
two-year period thereafter.
Halsey, Stuart & Co., the First Wis?
consin Company and Blodget & Co. are
offering an issuo of $5,495,000 first
lien and refunding mortgage 6 per
cerit gold bonds, Series A, of the Wis?
consin Public Service Corporation at a
price of 99'., to yield about 6.05 per
cent.
John Nickerson jr. is offering a new
issue of $600,000 first mortgage 7 per
cent gold bonds of Daytona Public
Service Company of Florida at par and
accrued interest. The bonds .ire dated
January 1, 1922, and mature January
1, 1942.
A. C. Allyn ?Se Co. have ourchased
$2,500,000 Pierce. Butler & Pierce
Manufacturing Corporation first mort?
gage 6Mi per cent sinking fund twenty
year gold bonds. Public offering is
expected shortly.
Bids are being asked by the city of
Ottawa for an issue of $2,639,886 ten, |
fifteen, twenty and thirty year CVi per j
cent debentures, repayable in annual
installments. They are dated July 1, |
1922, and will be made payab'e in
either Canada or in the United States,
according to tenders submitted. These
must be made by October 20 at 3 p. m.
Sees Growth in U. S.
Latin-American Trade
"We believe that, with the develop?
ment of the natural resource.-*, a de?
cided growth in the commercial rela?
tions between Latin America and the
?United States will be inevitable," said
I R. F. Loree, president of the Bank of
| Central and South America, Inc., yes
j terday. "We hope we may assist in
?this growth in the countries in which
! our subridiaries are established and
?that we may at the same time prove r*.
' useful and reliable banking* channel
i for the increasing trade."
The bank at present h?-*?* facilities in
'five countries?Peru, CVombia, Venez?
uela, Costa Rica and Nicaragua. The
bank also has correspondents in the
principal European centers.
?? . i- *
Bid and Asked
Following are the closing bid and
asked quotations of stocks listed on
the Stock Exchange in which there
were no transactions yestz.'day:
n
Bid. A<)t-<1 I Bid Ailtfrt.
.300 200 Kclsey Wh . .101% lO'jy.
.100% ? do pf. DO 103
.117% ? Kr? De? M.. 4 t!
? do pf. 20 ?
1124|Kre*>K0 pf ..112
103 ilCrrss Co _ 80 320
_ | do pf.105 120
Lacle Gas .. 89 80
3. Brio & W... 35% 38
Ug St M pf.338% 323
do n.210 225
,]?a/ll,iana JjOCO pf.117
0?|?L Wiles Ist pf.W8
(?it
Alb A Sus
All West .
All A Cable
All Realty
A C Dye pr. .112
All's mal pf.10'1
A mol Rug .... 78
Am As C pf.. 68
Am Bk Koto ..71 74
do pf. 62% 54
Am Beet Suit . 4?
Am B 8 F pf.113
Am Chicle ... 0
do pf . 20
Am Coos . .. e;,
Am Cot Oil pf 53 Mi
Am M & C... %
Am Itiul pf ...120
do pf A ... 86% 00 *ua-x '
Am Snuff . .. .347 3 52
do pf .?00 330
Am Su Tob ... 40 42
do pf . 03% 70
Am \Vhol pf .. 90 02
Ann Arbor ... 18
Art Metal.
Assets Re
do 2rt pf.
Lor'.Ilard pf
Mnl'son pf...
M?n Beach .
-Man Oh pi.
Mar St Ry.
90
101
140
ISO
r%
VA
8%
As?o D G 2 pf 91
AH Petrol ... 23 23%
Atl Kef pf ..116V? 318
Atlas Pow ...1S9 ISO
do pf . 91 95
Aus Nlc pf .. 83 8!)
Aut Sal? C ... 8
do pf . 12
Hal?! Loo pf..l36
Bait ft O pf .. 0?
Harnct 1, pf.. 96
Bayuk Bros ... 61
do pf .318
Beech Cr!< ... 89
B Nut P pf..l08
Both Steel ... 73%
do pf .100 103
do 8 pf
Brit Em St
do lut pf et B
do 2d pf et. 1
May H S pf.,330
Mox Pot pf.. 36
Ml.*h Cent ..230
M8PS8M pf... so
, do 1 1. RG
14% 15%??,f K ft T pf 32
1% 1% Mon Pow r*f..308
115
07%
IS
1?-V4
117
03%
65 '
131
Mo; & Kb.. 78
Mullltis Bd pf ? P.".
Nash ft C1-..3 35 125
Nash Mot .,473 500
do pf.105 110
;Nst Acme .. 15 16
M Nat Bis pf.124 125
Nat C at 8 pf 95 100
N F>n ft 8 pf.100 105
N R M 1st pf 9 12
N Y CSL 1st. 100 104
N T Hartem..309 ?
N Y la ft W.I00 102
N Y Ship.... 35 17
N Fall Pr pf.107 ?
Norf ft So. . 15% 1?
Norf ft W pf.. 75 85
do 1 pf
. Brook Edt .
I Brown 8 pf
? Brunswick .
I BufT R ft P
i do pr . 89 !>4
Buff & 8us .. 71% 85
I do pr . 50 55
I Burns B pf .. 97% 302
i Bush Ter .... ? 100
I ?to pr . 99 99%
i Cal Pet pf ... 94
j Cal & Arfa .. 60
I Can Pae .
i Can South ..
Carson K ...'
; Caso J I pf .
i Case Plow ..
1 Cen B N J..
Cert C 3 pr .
CStPMO.. 86% 87
do pf .300 30?
! C C C St L, pf 96 97%
: Hot? ft Pitts. 70% ?
Cluett Feab .. 63 64%.
I do pf . 0714 102
i Coi ft S 2 pr. 58 59
112% im.!*"?- g?* "... ?
11 13 ??'>t Silver .. 7
. 72% 76 ?0r clro I>f-- f1*
118 ii?%I9"? ? pf._-.10a
97 98%
2% 3
7%
100
10
..147
.. 53
?2%
148
53
Otis St! pf.
Ow Bot pf..340%
Pac Coast .
do lit pf..
do 2d pf..
Pac Mall ..
Pac T ft T
P P ft II pf
Paw ft Bltig.
Penny J C pr 98
Pettibono
55%
18
43
89
14% 35%
53 66
62% 73
11% 12%
90
4%
.2
5-14
? 87
? 115
% %
? 119
106
20 35
. 25 ?
?Con D:strl
! Con Gas Ba
I Con Can pf
Cre? Carp
I Det Mack
i do pr . 40 ?
Det 0 B R. . 68% ?
i Dla Match ...105% 106
D 8 8 ft A.. 3 4
! d?-> pf _.. 5 "" 7
1 Durham II _? S7
i do pr . 70
Elkliorn pr .. 87% 40
Km Br pr _ 30% 38
? FUher Bd pr. .300 120
Gaston W
do pr.
Phil .Tone- pT 93
P Coal pr_3 00 105
Pitta Ft W..325 ?
do pf.140% ?
-.Pitts St pr... 96 100%
196 202% -V ft W V pf. 6\M ?2
Rys Been .... 71% 73
n.v Htl S pr..H2 117
Rand Mtn .. 33% 33
Read lit pf.. 52 53
do 2d pf... 53 53%
Reis Co . 33% 38%
do 3it pr... 63 78
Bam Typo ??? S6 37%
do lut PT. .. 90% 94
"???mu at Bar..322% ?
nop I ft 8 Pf. 87% 88
Pern 8pg .... 25% 25%
Rot- Tob .... 79% 83
Hutl'd R pr.. 89 43
Sav Arms ..15% 3 8
?Vira R pf..106% 130
8k?-.? Shef .. 48% 50%
do pf. 70 81
S P R Sur pf 93 105
Sp'co M pr.. 02% 93%
Rtand Mill ..133% 138
PU Tube pr. 80 82
Stem 8 pc...100 102
Studab pf ..313
* l-an'4 ?5uPer SU
88
88
(?8%
400
do pf. 93
Sun Oil pf.. 98
Tra.PI, T.360
T-anTue W... 32% 36
Tw Cl- R T.. 58% 60
do pf. 90
did Type.142% 132%
do pr.Ill 120
0 Ci? B pf..lll 115
I? S E_p .... 7% 8
O S Ind Al pf 96% 98%
U B S ft U pf 43 49
V 8 Tob .... 57 59%
do pr.Ill
Va Ir C ft C. 53
82%
] Ge Bakln? ...324 130
do pr .107 111
Gen Cl? pf. ..103 108
do pf deb . .102 307
Gi 'nd O pr.. 40 60
G-ldden Co ... 34% 14%
Goodrich pr .. 82 82%
G 31 ft N pr.. 43% 45
Fabr Klee ... 1?? 2%
Hack Wa _ 17 ?
Helme Q W ..105 ?
do pf ..107 ?
Hyd Steel ... 7% 8
Ind Rf_ pr.... 68 ?
lnt Pap pr ... 85 1 ?0
do pr itp .. 78% 79% I do pf. 81
lnt Sa3t .70 73 Vlr R ft P pf. 68%
Jot ft East.. 85% 8B%|\Vestln-rh pf... 72 74
Kn C F 8 pf 67 67% Wh ft L. E pf 22% 23
Kn City 5 pf 57 59 Wtjion pf.... 88 95
Kayser 1st pi.392 30*-. Woolw pi ...124% 123
Kel 8pg pf.. 85 90 (Wo P?_mp ... 40% 41%
do S?1 pf..102% 104 do pr A.... 8?% 01
1 ? .
The Dollar in Foreign Exchange
(Continued from Vaga Slxteon)
CHILIS (par 36.5 cent? a peso)
Checks .13.80 13.80 11.12%
URUGUAY (par 303.42 cent* a pe*o)
Check? .76.90 75.73 67.00
VENEZUELA (par 19.3 cents a bolivar)
Cheeks .18,36 18.36 16.18
C'ai?Mlian Exchange?New York fund? In
Montra.a| l-J? per cent discount; Montreal
fund? ir? New York 1-32 per cent premium.
?Nominal.
Business News
Textile Price Advances May
Bring Crisis in Markets Soon
Merchants Prepare to Resist
Higher Prices; Some Be?
lieve That Speculation
Has Now Appeared Again
-
Price advances in practically all tex?
tile lines have become so frequent that
some sort of crisis threatens the mar?
kets, in the opinion of experienced
traders on both the buying and selling
side of tho business fence. Expanding
demand for many commodities un?
doubtedly has been tho chief factor in
bringing prices up from their low
point, but' some traders believe that
a certain amount of speculation again
has developed in the markets.
Silk manufacturers are loud in their
condemnation of the recent Bharp rises
in the price of raw silk. It is impos?
sible they say, to bring finished silk
goods prices up to a proportionate
level with raw material as it stands
to-day. Finished silk prices for wanted
merchandise have been advanced ap?
proximately 10 per cent in the past
month, and further advances are ex?
pected to curtail trade buying, which
was beginning to grow active.
In cotton goods higher prices are
appearing almost daily, but buyers nre
loud in their protests, although pay?
ing the prices under the pressure of
necessity to fill in depleted stocks.
Woolen goods price advances are now
being made, but apply chiefly to goods
for next spring.
.So far the consumer has not been
called upon to pay many advances and
merchants in most cases are skeptical
concerning the consumer's ability and
desire to pay more for his clothing and
household articles.
? ' a
Commercial Credit '
The commercial money markets dis?
play a fair amount of activity with dis?
count rates holding firm Higher money
rates are beginning to worry business
men to some extent and have caused
some rcfiguring of overhead expenses
in manufacturing and mercantile
plants.
Commercial paper yesterday dis?
counted at 4 1-2 to 4 3-4 per cent.
The American Acceptance Council
quoted the following discount rates on
prime bankers' acceptances eligible for
purchase by Federal Reserve banks.
Bid. Ask.
?Thirty days.3% 3%
Sixty days.3% 3Vi
Ninety days.3% 3V.
120 days.3% 3H
150 days.3*^4 3%
Call loans against acceptance, 3 3-4
per cent.
Silk Up Again
An advance of 10 yen a bale was ro
1 corded in the Yokohama raw silk
market yesterday, according tp cables
received by traders here. Few local
importers and dealers followed the
market up, but prices here were ex
, tremely firm. Manufacturers are com?
plaining about tho high prices, but
buying is moderately active, according
; to dealers. Few of the silk manufac
! turers, especially those producing silk
hosiery, have covered on their future
. requirements, and the day-to-day needs
; create a certain amount of activity in
the raw silk market.
In Yokohama Sinshiu No. 1, a low
I is'radc, was quoted at 2,100 yet: a bale.
: Local prices for this grade ranged
I from $8 to $8.10. For double extra
| crack grades they were as high as
I ?8.C0 a pound.
Cottons More Active
A strong demand for practically all
! classes of gray or uirfinished cotton
j goods was evident in the market yes
I terday. Brokers reported some large
j .sales, but the wide variety of goods in
?demand was the principar feature of
| trading. Lawns, which have not hith
| erto been active to any extent, were in
j sharp demand yesterday, according to
one broker. Trading was generally on
I the basis of 9Vic a yard for 64-60,
I 38*r_-inch print cloths, although many
bids were made at 9c.
Amoskeag Manufacturing
The report of the Amoskeag: Manu?
facturing Company for the year ended
May 28, 1922, showed profits of $648,
? 087, against $1,272,647 in the previous
| year. The deficit after preferred divi?
dends was $1,425,513, against $2.37
learned on 345,600 common shares a
year ago.
Offer Commercial Credit Stock
Robert Garrett & Sons, Baltimore;
Cassatt & Co., Philadelphia, and Spen?
cer Trask & Co., New York, are offer?
ing, subject to the rights of the stock?
holders, $1,000,000 7 per cent cumula?
tive preferred stock of the Commer?
cial Credit Company, of Baltimore, at
$26.50 and accrued dividend per $25 a
share, to yield to 6.60 per cent.
Price Index Number
Shows New Advance
The thirteenth advance in sixteen
months in general commodity prices
is shown In Bradstreet's index num?
ber for October 1, which stood nt
$12.60.39, a rise of 3.5 per cent over
j the September 1 number. The Oc?
tober 1 number is the highest since
January, 1921, and shows a gain of
11.8 per cent over a year ago and is
! 17.8 per cont above June, 1921. It
| is, however, 23 per cent below Oc?
tober, 1920, and 40.1 per cent below
the number for February, 1920,
which was the peak. Compared with
I August, 1914, the present index
number shows an advance of 43.5
per cent.
Rising Cotton Prices
Worry Manufacturers
Market Value of Raw Product
Is Out of Line, Amory
Declares
ATLANTIC CITY, N. J., Oct. 6.?Rob?
ert Amory, president of tho National
Association of Cotton Manufacturers,
addressing the members at tonight's
session of their semi-annual meeting
j here declared that the price of cotton
( is creeping up to rapidly in relation
I to other commodities that the price
j level of raw cotton eventually will be?
come relatively higher than other com?
modities, as its present level is above
its pre-war level.
Tnese climbing prices, said he, mean
greater dificulty ahead for the manu?
facturer of staple goods to obtain an
adequate price for his products. Such
manufacturers are resorting to every
means to hold down costs, but with
raw cotton on a permanently higher
plane it will be necesary to seek new
money-3aving and profit-making de?
vices. ?
Resolutions adopted at the morning's
session included one complimenting j
the government upon the "fulfillment |
of its pledge made to the country at I
the last election by the passage of the ?
Fordney-McCumber tariff bill." An?
other resolution urged that W. P. G. |
Harding be nominated and confirmed I
as governor of tho Federal Reserve ;
Board in recognition of "his conspicu
ously brave and impartial sanity ano
soundness."
Buyers Arrived
Falrehlld Service
ALBANY?Hofmayer D. G. Co.; L. J. j
Hofmayer, hosiery and ladles' ready to
wear; 43 3,eonard St.
ALBANY. N. Y.?W. H. Whitney k Co. :
Miss Hall, art Roods; cara Fellows Buying
Co., 1164 B'way.
BOSTON
Gordon's Fashion Shop; Miss R. D. I
Samoff, oca's, suits, dresses; McAIpln.
BRIDGEPORT, Conn.?D. M. R-ad Co. ;
Miss R. M. Gilbert, lacea, embroideries and
handkerchiefs; W. W, Taylor, houso fur- |
nlshlngs, trunks, bags; 404 4th av.
CINCINNATI
McAlpin Co.; J. Bhartzer, carpets, rugs,
draperies: 23 E. 26th st.
Fnir Store; F. S. Anderson, men's fur?
nishings, boys' clothing, knit underwtar,
umbrellas; 23 E. 26th st.
Fblr Stor.;; Miss E. J. Russell, gloves
nrd hosiery; 23 E. 26th st.
COLUMBUS, Ohio?F. ft R. Lazarus;
Miss Hcnipntead, ribbons, laces, embroid?
eries, trimmings: 225 6th av.
DENVER?Qano-Downs Co.; Mrs. M.
Williams, jobs better fur-trimmed coats;
care L. Montaldo, 22 5 5th av.
EL PASO, Tex.?Texas Store; Mr. Perl- I
mar., men's and boys' clothings; Mrs.
Perlman, ladiex' clothing; 3133 B'way,
Room 1611.
HARTFORD, Conn.?Sage, Allen & Co.;
Mtss O. M. Daws, skirts, furs; Miss K.
Zerwitz, misses' ready to wear; F. T. Bod
worth, linens; 404 4th av.
HAZELTON, Pa.?Sasso'a Pe'pt. Store;
Mr. l.evce, rendy to wear: Mr. Holwlg,
toys; rare Fellows Buying Co., 1164 B'way. !
BXTCHINSON, Kan.?Pegues-Wright P. I
G. Co.; L. W. Hoover, Johs popular priced j
fur-trlmrr.ed coats; caro L. Montaldo, 225 ?
5th av.
?IOPLIN, Mo.?P.amsay P. G. Co.; Vs.
Garner, Joba m?diat? priced fur-trimmed !
coats; care L. Montaldo, 225 5th av.
LANCASTER, Pa.-? Watt & Shand; Miss!
Kauffman. muslin underwear; Miss M. E. !
BaumlUer, ribbons and art dept.; 432
4th av. ;
LOS ANGELES?A. Hamburger & Sons; I
W. W. Taylor (bas.ment), mdse. ; P. J.I
McGulre, yardage linens, beddings; O. F. I
Balder,' jewelry and lenther goods; J. R. ?
Collins, toilet articles; A. E. Brodek, men's
hats; P. Cohen, ladles- millinery; J. A.
Haberboschm, J. Kerrigan, furniture, rugs,
draperies, lamps; F. J. Kebow, trunks and
suit cases; care I. S. Farian, 448 4th av.
LOS ANGELES?J. W. Robinson Co.; H.
Torrey, infants' and girls' wear; Otto
Kamps, wash goods; H. D. Moore, silks,
dress goods; Mrs. Maude Doyle, muslin
underwear; W. M. Simpson, Gertrude John- '
son, suits and dresses; care D. W. Pratt,
303 5th av.
MIDDLHTOWN, Conn.?James H. Bunce
Transactions Yesterday in Listed Stocks
mris.
ic>??.
UP"?
S2V_
67
11B
tWz
74
61'/,
20%
78
25
164S/4
80
116
113
41/4
175
85
51%
165%
361/_
87%
39
10%
25%
67%
100
87%
67%
107
106%
123
71 '/_
23!/8
53%
97
82
25%
14
14%
35%
24%
17
90
17/4
112
24%
64%
121%
104 .
65/,
16/.
33
54
11%
21%
10
49/2
50/a
33/4
194%
79
1?
I,?*aw. TiVr.
loop., |n $.
1073-A _
28'A 3
52% ?
B8 7
76% 7
14 ~
22/, ?
7/a
55 6
17/4 --
125 10
(Continued from Tn*? Sixteen)
71/4 4
96 7
102 7
25 2
130 ?
60% ?
41/8 3/
119% 8
.20% ?
43/a ?
18/e -
2?4 ?
19%
37 ?
89'/.? 7
65?4 ?
49/a ?
91 8
82 5
114% 7
60% 2
9% ?
30/4 ?
90 7
58 ?
18/a ?
6% ?
6 -?
19/a ?
12/4 ?
10% 1
66% 5
8/4 ?
107 7
13% ?
61% 8
89
80
49/8
8
25
35%
7/a
12 ?
4/a ?
24 ?
27/, ?
25 ?
137 8
64% 6
t 1
311/,
63'/-,
108V,
84%
72/a
60
14/a
75
19/n
151/4 150% 151/a +
78/a 78/a 78%4
115
111%
37%
175
74
61'/,
14%
75/a
19%
flair?. O-sen. ITlirii. I.c?
T!Water OH . 900 144 149'/, 144
T-r-k-n RolW B.... 25100 32 32%
ToWco Prod. 4100 63",*?64'/,
_~ pf . 101 108'/? 108%
do A . 6100 84% 85%
T St L W B . 900 72/a
do pf . 890 60
Trnnncon O _.... 3200 14%
Un Bag & P . 200 76
Union OU . 2700 19%
Union Fu . 2200 150%
do pf . 100 78/a
Union Tank . 100 115
do pf . 100 111/a 111/j
Unit At Stl . 200 37/a 37/s
Unit Ci-r St . 100 175
United Drug . 2600 82/2
do 1?t pf . 2500 60
Unit Fruit . 200 152
Unit Ry Inv pf. 100 32
United Rut Stores. . 30G0
U S C 1 P & F.... 1600
U 8 F Prod . 100
U S Hoff Mch. 100
U 8 Ind Ale . 3300
do A pf . 100
U 8 R & Im. 2300
U S Rubber . 2400
do 1st pf . 300
U S Steel . 21500 103% 104% 103% 104/44
do pf . 600 122% 122% 122 122 ?
Utah Copper . 1600 68 68% 68 68% f
Utah Secur Corp.... 1100
Vanadium Corp .... 40CO
Van Raaite 1st pf. .. 200
Va-Car Chemical pf.. 100
do B . 100
Vlvaadoo, Inc . 100
Wabash . 800
do pf A. 1100
do pf B. 100
Weber & HeUbroner. 1100
Well. Farro Exp_ 2000
Western Maryland... 600
Western Elee pf. 1500 109
Western Pacific _ 1400 17%
do pf . 600 83
Western Union Tel..
Weat'honae Air Brake
Westing-house Mfe ... 1200 82%
Wheeling & L Erie.. 300
White Eaglo Oil. 2000
White Motora. 600
White OU . 1000
Wickwire Spencer 8? 3000
Willys Overland _ 2800
do pf . 3600
Wilson Co . 100
Wisconsin Central .. 100
Woolworth ,. 300 193% 194
Worth P & M pf B.. 2O0 70% 70%
Wrlajrht Aero . ?11'' 10%
fie?
flo^e. cT>er. Bid, Ask.
14<V/,4- si/, 1401/, 1BO
313-4-i- % 31% 32
6-*3?i- 63% 64
108'/-+ 2% 107 110
84% 4- % 84% 85
74 4- 1% 73 73 %
6TA-J- 1?/4 60 61
14% 4- '/a 14/a 14%
75% 4- 2% 75 75%
1"%? Va 19% 19/2
% 150% 1511/4
% 78 78%
% 112 115
110% 112
400 1141/a 114/a 114
200 100 100 100
ci?e
Hecks?her
Building
^Avenue e^S.reeH
The "Tower of
Trade" at The
Gateway of
Fifth Avenue
Representative on Premises
CUSHMAN?
WAKEFiELD.!??
/?cittin?7 and Managing Agent
50 East 42d St. ?fe&
A. ft
to
Before you leave New York
do not fail to see the
most unique building
in the city.
It is the "last word" in
building construction and
architectural elegance.
If you do nothing more
than stroll through the
magnificent arcade you
will carry away an
impression, never to be
forgotten.
Co.; T. J. Kidney, floor coverings; 401
4th av.
NORFOT.K, Va.?Miller, Rhoads ?t
Swart?.; H, T. McCoy, embroidery, laces,
trimmings and notions; 432 4?.h av.
NORFOLK, Va.?WEigenheim ; Mr. \Y-i
genhelm, ready to wear; care Fellows
Buying Co., 1164 B'way.
1'ITTSBC'RGH
Kaufman's Dept. t'tt.r<?: Miss DoyI<\
.nlrecs' dresses: Miss Col.ins, misses; MISs
AUirlch, draperies; 3261 B'way.
PORTLAND, Ore.---Meier ? Frank;
Qeorfre Nellson. carpets; 212 5th nv.
SAN ANTONIO, Tex.?Joskp Bros.: H.
C. Mavs, ready to wear; cara Kirby, Block
& Fischer, 362 4th av.
SPRINGFIELD, Mass ? Meeklns, Pack?
ard A Wheat; O. B. Pierce, laces, art em?
broidery, neckwear, sloves, handkerchiefs.
Jewelrv, leather goods and notions; 432
4th av.
W.-' SHINGTON
Woodward & I.othrop; H. E. Mockbe?,
shoes, downstairs store only, 370 7th av.,
room 1701.
Hecht Co.; Miss Freidman, Infants' and
chlldrens' depta. ; care ?iaer & Lilienthal.
11P0 B'w.ay.
TOUNG8TOWN, Ohio?Georla I,. For
dyce Co.; H. P. Bur?;hfleld. ladles' ready to
wear, furs and petticoats: 404 4th av.
Business Trcv-Mps
Receivers in Bankruptcy
The following receivers in bankruptcy
were appointed yesterday in tho United
States District Court:
George W. Martin for Victory Waist A
Dress Co., 138 Greene st., with bond of
$2.000.
Bertha Rembaugh for Hafner A Unger,
furriers, 119 W. 23d st., with bond of
$3,000.
Lloyd Garrison for Pacific Hat Co., 38
Great Jone? ?t.. with bond of $1.000.
George W. Martin for Samuel lilau, fur?
rier, 27 Walker st.. with bond of $4,000.
Schedules In Bankruptcy
The following schedules in bankruptcy
were filed yesterday In the United States ;
District Court:
Albert Bloom, cloak? and suit-*, 305 7th
av. Liabilities, $02,280; assets. $31,550.
Bernard Woldstein. millinery, 28 W. 38th
St. Liabilities, $66,135: assets, $44,9t>8.
Petition? In Bankruptcy
Tha following petitions In bankruptcy
wore filed yesterday in the United States
District Court:
VICTORY WAIST A DRESS CO.?to
voluntary; 138 Greene at.
Aaron Suldalla?Voluntary; salesman,
100 West 74th st. Liabilities, $86,629; no
assets,
GUSSIE SEW1TCH?Involuntary; shoes,
14 Elast 118th st.
LAST RIGHT SHOE CO., INC.?Invol?
untary; 408 East 93d st.
JAFFH A WECHSLER?-Involuntary;
cloaks and suits, 261 West 36th st.
FINANCIAL
TO TUE HOLDERS OF
I TWO RECTOR STREET CORPORATION
FIRST MORTGAGE
'. 13-Year 0% Slaking Fund Gold Loan Cer?
tificates, Due April 3, 1035.
Notice la hereby given, as provided in
Article XII of the mortgago dated March
26, 1920, between Two Rector Street Cor?
poration and Guaranty Trust Company of
New York, Mortgagee, that offers will be
rocelved until 10 o'clock A. M. ?>n Thurs?
day, October 19, 1922, at the office ot the
undersigned, No. 140 Broadway, New York
City, for the salo' to It aa Sinking Fund
' Trustee, at the lowest prices at which such
certificates shall bo offered, not exceeding
103% of par an?l accrued Interest, of cer?
tificates in such amount us will exhaust
the sum of Twenty-fi?e Thousand Four
Hundred Ninety-six Dollat-3 and Fifty
seven Cents (.25,496.57) on deposit In the
Sinking Fund. Interest on certificates pur?
chased will cease October 20. 1922.
Offers should bo endorse?! "Offers to th?
Sinking Fund of Two Hector Street Cor?
poration First Mortgage i.r?-Year 6To Sink?
ing Fund Gold Loan Certificates," and
should be addressed to the Trust Depart?
ment. The right Is reserved to reject any
or all offers In whole or In part.
GUARANTY TRUST COMPANY
OF NEW YORK,
By WILLIAM C. POTTER,
President.
Dated New York, October 3, 1922.
FINANCIAL MEETINGS
THE FAJARDO SUGAR COMPANY OF ^
PORTO RICO,
98 Wall Street
New York City.
October 3. 19S2.
Notice Is hereby given that at a meeting
of the Board of Directors o\ the Company,
held on October 3d, 1022, a cash dividend of
one and ono-nuarter p?;r cent. (1V?%) pay?
able November 1st, 1922, to stockholders of
record, October 20th, 1922, was declared.
LORENZO D. ARMSTRONG,
Ha? retar,-.
Bankers Use
forid-W?de Wireless
In dealing with their foreign correspondents,
bankers require prompt replies as well as ac?
curacy, speed and economy. Radio for a long
time has been used by the bankers of New York
and San Francisco because it brings rapid
answers. No form of communication
arrests attention so successfully as
^diograms
Embassies and legations in Washington have
used radio extensively because of its speed,
accuracy and economy.
The Radio Corporation of America now is
able to provide nation-wide access to its World
Wide Wireless facilities.
Mark ymrm^sage^viaJ^fC
To any Point in
Enrope, Africa, India, The Near East
and from
Shore to Ship, from Ship to Shore,
from Ship to Ship
FOR NEW YORK CITY
__ei^enr?_f'H-F1'?.'in order to 8ecure fast uervice, P^one to d?
nearest RCA office listed below.
NEW YORK OFFICIES OF THE
RADIO CORPORATION OF AMERICA
64B.oadS.eet . . . ^ ?*\ . Phone Broad5100
Kt.d 8 A.M. to Midnight
51 East 42nd Street.Phone Murray HUW996
,__ 8 A.M. to 8 P.M.
19 Spruce Street.Phone Beekman 8220
T;??"*, V -------- Phone Ashland 7314
?-.L^80,nStreet.Phone Canal 9477
1329 Third Avenue ...... Phone Rhinelander 9257
233 Broadway, New York